Paytm Credit card: On Monday Paytm has announced that it is coming up with credit cards to make it easier for the new users to join the credit market. Paytm said that its new credit card had been designed to “democratize the access to a formal credit system for the masses”. Paytm is bringing a unique feature that would allow users to manage their transactions and have full control over the card usage. Paytm will join hands with leading banks, to complete the process, it aims to issue two million cards in the next 12-18 months.
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Talking about launching credit cards, Bhavesh Gupta, CEO – Paytm Lending said, “In our country, credit cards are still considered a product for the affluent sections of the society and not everyone can avail of its benefits. At Paytm, our aim is to provide credit cards that benefit India’s aspiring youth and evolved professionals. These cards are designed to help them lead a healthier financial life through managing and analyzing the spending to make well-informed decisions. This can transform the credit market by bringing ‘new to credit’ users into the formal economy.”
With its credit card, Paytm aims to bring the credit card experience to the young professionals and the college-goers. The company in a statement said that aims to provide complete control to cardholders to manage their transactions in real-time. Users can instantly change the security pin number, update the address, block the card in case of loss or fraud prevention, apply for a duplicate card, and view outstanding credit-limit. It will also provide insurance protection against fraudulent transactions to protect users’ money.
With this launch, the company will give complete control to cardholders to manage their transactions in real-time. It will also feature one-tap services such as change of the security pin number, updating the address, blocking the card in case of loss or fraud prevention, issuance of a duplicate card, and viewing outstanding credit-limit. It will be equipped with features to protect users against fraud by switching off for transactions.
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The credit card will be covered with insurance against fraudulent transactions. Apart from these, the credit card will come up with a personalized spend analyzer helping in assessing expenses and planning future spends. Paytm has digitized the credit card experience on its app from the application, tracking to the issuance of the credit card. The unicorn payment firm has said due to the seamless application process, chances for application to be rejected will drop, thus making more people participate in the formal credit system.
Paytm credit cardholders will be rewarded with assured cashback in the form of Paytm Gift Vouchers on every transaction. The rewards point will have no expiry and users will also be able to utilize those for other payments in the Paytm ecosystem. The rewards will also comprise lifestyle benefits for cardholders in the form of discount vouchers and complimentary membership across various categories.
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